Insurance rates after BK

[lizardhead]

Hello guys, My wife and I are unfortunately headed towards bk.....I'm doing research at this point, this forum is great, I just found you all today.

On to my question. What personal experience do you have with auto and home owners insurance rates post BK? Did they go up? Did your auto rates stay the same? Any info you've got is appreciated.

[walkthaplank]

Some states do not allow your credit to be used for insurance purposes. So the answer is, it depends on where you live.

[Flamingo]

Do a search on this forum for your subject matter - tons has been posted about it. Briefly, if your state allows insurance credit profiling (using your credit reports to determine amount of insurance coverage), then your rates probably will go up. If your state does not allow the practice, you should be fine. You will need to contact your State Department of Insurance (DOI) to find out. If it is not allowed and your rates increase more than normally and you suspect it is due to you filing BK, you can file a Complaint with your DOI to investigate.

If you have been with your insurance company for a while and have not had many claims over the past several years, you should be fine. The problem may arise if you switch insurance companies after having another company long-term or if you start having a lot of claims.

The reason behind insurance credit profiling is that insurance companies believe that those that file BK will have more than normal claims on their policies. While most of us know that is not true, there are those that fall into that category that make it hard for the people that have to file BK and not file any claims or few claims.

[lizardhead]

Has anyone compiled a list of insurance companies that do not use credit histories? BTW, I found some good stuff from the search feature..thanks.